SOURCE: Sienna Senior Living Inc.

Sienna Senior Living Inc.

May 13, 2015 17:26 ET

Sienna Senior Living Inc. Reports 2015 First Quarter Financial Results

MARKHAM, ON--(Marketwired - May 13, 2015) - Sienna Senior Living Inc. (TSX: SIA) ("Sienna Senior Living" or the "Company") today announced its financial results for the three months ended March 31, 2015. The Unaudited Condensed Interim Consolidated Financial Statements and accompanying Management's Discussion and Analysis are available on the Company's website at www.siennaliving.ca and on SEDAR at www.sedar.com.

First Quarter Highlights

  • Retirement Same Property NOI up 10.8%, as at occupancy up by 4.3% to 86.8%
  • Long-Term Care Same Property NOI up 1.3%
  • Overall Net Operating Income up by 2.4%
  • Subsequent to the First Quarter - shareholders approved the name change of the Company to Sienna Senior Living Inc.

"We continue to deliver strong financial results and are making good progress on our retirement living operating platform," said Lois Cormack, President and CEO. "Looking forward, we are confident that our investments in rebranding and support services to our homes will support organic growth. In the near term, we expect stable financial performance, and in the longer term believe we are well positioned to deliver long term value with stable returns, a secure dividend and growth."

Financial and Operating Highlights:

          
$000s except occupancy, per share
and ratio data
 Three months
ended

March 31,
2015
  Three months
ended
March 31,
2014
 
Average total occupancy (LTC)  98.1 % 98.5 %
Average private occupancy (LTC)  99.0 % 98.7 %
Average occupancy (Retirement)  86.9 % 82.7 %
As at occupancy (Retirement)  86.8 % 82.5 %
       
       
$000s except occupancy, per share
and ratio data
 Three months
ended

March 31,
2015
 Three months
ended
March 31,
2014
Net Operating Income (NOI) (1)  $19,998  $19,528
Operating Funds from Operations (OFFO) (1)  $9,609  $9,364
OFFO per share diluted  $0.258  $0.248
Adjusted Funds from Operations (AFFO) (1)  $11,836  $11,704
AFFO per share diluted  $0.315  $0.308
AFFO per share basic  $0.326  $0.323
Dividends declared per share  $0.225  $0.225
Payout Ratio(2)  69.0%  69.7 %
       
 Notes:
(1)NOI FFO, OFFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. NOI, FFO, OFFO and AFFO are supplemental measures of a company's performance and management believes that NOI, FFO, OFFO and AFFO are relevant measures of its earnings performance and its ability to pay dividends on the Company's common shares. The IFRS measurement most directly comparable to AFFO is cash flow from operations.
(2)Payout Ratio is calculated using the basic AFFO per share divided by the dividends declared per share for the respective periods.
  

The Company generated NOI of $20.0 million for the period ended March 31, 2015, representing an increase of $0.5 million or 2.4% over the comparable prior year period.

General and administrative expenses included a mark-to-market adjustment for deferred share unit compensation of $0.1 million to reflect the increased share price and $0.1 million of rebranding costs.

OFFO increased $0.2 million or 2.6% to $9.6 million and AFFO increased $0.1 million or 1.1% to $11.8 million over the comparable prior year period. The increase was principally related to improved same property NOI.

Subsequent to the First Quarter - shareholders approved the company name change to Sienna Senior Living Inc (TSX: SIA)

On May 1, 2015, the Company effected a rebranding strategy, resulting in a legal name change of the Company to Sienna Senior Living Inc., and a renaming of the Company's 35 LTC homes and 10 RR communities. The name change of the Company was approved at the Annual and Special Meeting of the Company's shareholders held on April 21, 2015. In connection with the name change, the Company commenced trading under the new trading symbol "SIA".

Conference Call

Lois Cormack, President and CEO, and Nitin Jain, Executive Vice President and CFO, will host a conference call and live internet webcast for the investment community on Thursday, May 14, 2015, at 9:00 a.m. (EDT) to discuss the Company's financial and operating results. The dial-in numbers for participants are 416-340-8527 (for local callers) and 1-800-565-0813 (for all other callers). A webcast of the call will be accessible via the Company's website at: www.siennaliving.ca/Investors/Events-Presentations.aspx.

A replay of the call will be available approximately 2 hours following the end of the call until May 27, 2015. To access the replay, dial 905-694-9451 or 1-800-408-3053 (pass code: 4473618). The webcast will be archived on the Company's website.

About Sienna Senior Living
Sienna Senior Living Inc. (TSX: SIA) is one of Canada's largest owners of seniors housing and the largest licensed long-term care provider in Ontario. The Company's 7,500 employees are dedicated to helping you live fully, every day in each of its four lines of business: retirement living, home care, third party management services and long-term care. The Company owns and operates 35 long-term care homes and 10 retirement residences, representing a combined 6,799 beds/suites/apartments across Ontario and British Columbia. For more information, please visit www.siennaliving.ca.

Forward-Looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting the Company's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.

Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

Contact Information